The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1887-04-29


or $4,000 This was about the value OF 81.
collins stock, and the road was thrown in.
Il After a recess of an hour the examinatior :.
,ir Adams was resumed He corrected ursr;
bus statement. saying that mis- road came ~
|,os session of the Leadville branch on forasino
ire OF mortgage. The Utah e. Nevada railrn.s
rom Salt Lake to Tinteck. was bought bv ~
Union Pacific in 1882. IL is small road hms
,ays dividends. When the road was purcbasas
Il was in a time Of mining excitement, and it wa.
hieay to couple with it that the Nevada Cent?,
vas bought They were to be part Of systsrs
yhich would depend on the development OF ,ha
mineral resources of that Territory.
The Utah Central road was the next acon;.
ion The interest of the Union Pacific is ! cns
rolling interest. They do not own the road +,
vas n good paying property till the Denver e.
IChe income fell off from 81 100000 in 1852 -
IE5O, 900 in 1885. The road had been extended ~
tSan Francisco $50 miles, and the bonded IN
|debtedness is 81. 000.00 and Mr.. Adams though.
that this was not a large debt for so long a road
There was deficit of $4,000 which MIR Adm.
Thought not remarkable i'll 1885. II the mininr
interests became animated again, the road
would prove valuable feeder TO tine Union p.
lcifc.
The Omaha belt line was included in a ne,
scheme of Mr.. Clarke, who resigned as general
manager of the Union Pacific shortly after Mr.
Adams became president Mr.. Clarke did not
like to lose the belt line, and 1t was aided by the
Union Pacific until it was discovered that ths
Missouri Pacific bad obtained control of it. ana
the Union Pacific was repaid every dollar it had
spent OF the belt line. The ST. Joseph &
Western, which was included in Mr.. Goulds
scheme for grand system west OF the Missouri
was purchased. It is $50 miles long. runnjne
ives. from St Joseph, and does an agricultnr,I
business. TIE stock was at 20, and was bought
in by the Union Pacific at that price. Mr.
Adams wished to state that this stock was
ho
Mr.. Dillon and that the road has always paid
He believed. from careful scrutiny, that Mr..
Could and Mr.. Dillon had always been mora
than fair to the company. He believed that thew
had q persona. interest in the Union Pacific 90
strong that they had always been rather over
scrupulous in their transactions with or for the
company.
constructed from Salina, Neb, by the COMPANY
Is ran into a country from which is drawn a
first-class business Another company came on
the ground and proceeded to build competing
line. and the Union Pacific was obliged to build
in self-defense. The road is fifty miles long, and
cost ABOUT $l4 600 mile
The INQUIRY now passed to what Mr. Adams
calls Operated roads," The Colorado Central is
a local road. partly narrow and partly standard
gauge 1t is q good paying road. Mr. Gould
frst came into the Union Pacific in 1874 or 1875,
when Cakes Ames had his trouble. and was
obliged to sell his stock. Sidney Dillon, Fred
erick l.. Ames. D. r. Galloway, David Bows,
NJ. T..
Adams have been directors many years. and
there are not more than four of the present d.
rectors who have been in the board since the be-
ginning. Mr.. Adams stated that the George
town. Breckenridge Colorado railroad is FAM
Gus as a loop-line engineering curiosity. Orie
naliy it ran up the mountain into the mines
Now there is fourteen miles OF mssiAg link.
Thousands of tourists visit 1t. Its annual bust
ness is only $1,000. II is valuable to the Union
I Pacific. because IL may represent Sl0O,O00 worth
4 IF traffic over the main line
The Echo & Park City railroad connects the
Union Pacific with the Ontario silver mines
It is an unusually valuable property to the road
The Greeley, Salt Lake e Pacific road runs
from Greeley, ifty-f miles to the quarries of
/ the Union Pacific, and is practically astcle road
merely 1t was acquired in 1882. and is valu-
able road. Another road is being built to the
s quarries at Buckhorn.
s, Tho Junction City & Fort Kearney railroad is
1913 miles from the eastern terminus Of the Union
Pacific, and is splendid feeder. being in an agri-
cultural district
The Kansas Central connects with two other
branches, and thus indirectly with the main
lime. 1t is poor property, but can possibly be
made profitable by widening the gauge.
The Lawrence & Emporia road runs twenty
Eve miles south from Lawrence to the coal
i fields at Carbondale The coal is poor and the
mines Improbable. The Legislature Of Kan
sas is after the company. which is forced
i to run it at a loss. L has lost $l37. 900 to
/ date
4 The Montana Railroad Company's road runs
j from the Utah Northern to the Anaconda smelt-
s ing works 1t does big business.
The Union Pacific has $500 miles Of narrow
gauge. but IT is the policy Of that company to
4 sible.
i The Omaha & Republican Valley railroad con-
4 sists of a system of $50 miles in Nebraska It
/ runs through an agricultural country. He would
/ like to buy it up at any time
Il Mr.. Adams could not tell the first cost of con-
struction of the Union Pacific. He did not
know anything Of the affairs OF the road until
:. 1880. He held that there must be time when
plished fact, and that period was fixed at 1880.
He had rather avoided it prior to that time
| The road was built just after the war, when
prices were usettled 1t was built in the most
extravagant manner possible. The branch sys
tenn of the Union Pacific had been elaborated 81
enormous expense and every dollar of thai
money might just as we'll have been paid int
the pockets of the stockholders in dividends
The branches of the road were paying, SO i
would seem, for while they made deficits, it wal
fact that they fed the main line with business
on which large profits were made Mr.. Adams
had calculated that the Union Pacific was recev
ing about S., 900, 900 from its branch system
The company had gone into outside enter
prises, not always successful The attemo
to develop General Syckles's soda discovery
| for instance, was a failure. The Occidenta
Steamship Company was paying. 1t wa
introduced by the Central Pacific. and was ione
|
. into schemes to develop this or that industry D.
press and people. They camored and cried tina
the road was not enterprisnR and was migrate
full il it did not go into these schemes, and the
denounced the road for it's recklessness whe
:: one Of them failed. Replying to question .
! Ex-Governor Pattison, Mr.. Adams said that
| did not know of an instance where a director
officer or employe of the Union Pacific had ma
| any interest in any contract with the Union r
!, cifc. The last dividend of the road was declare
/ in March. 1884. The net earnings of the roa
for the past three years had been devoted to IN
proving the property. The floating debt touche
its highest point on July l. 1884; it was the
$7,800,000. Mr.. Adams had vouchers for all 9.
: penses. and thought the Office would stand
great deal Of investigation on that score. The'
. was an inclination to legislate against the Unio
Pacific by the State legislatures. and their ia
, was enormous being ST, LOO, 900 per year.
, A Model Interview.
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